The Hindu Business Line : Orbit Corp IPO opens on March 20

Mumbai March 15 Real estate construction and development company Orbit Corporation Ltd is entering the capital market with an initial public offering of 91 lakh equity shares of Rs 10 each in the price band of Rs 108-117 per share. The issue opens on March 20 and closes on March 23.

The company is also issuing one detachable warrant per equity share to be converted after 18 months.

The issue will constitute 25.09 per cent of the fully diluted post-issue share capital of the company prior to the exercise of detachable warrants and 40.11 per cent after the conversion of detachable warrants, assuming they are fully exercised.

The issue proceeds will fund acquisition of new projects and development cost of existing ones. Along with its subsidiaries, the company is currently executing 16 projects in Mumbai.

The issue is being made through a 100 per cent book building process where at least 50 per cent of the issue shall be allocated on a proportionate basis to Qualified Institutional Buyers (QIBs); out of which 5 per cent shall be available for allocation to mutual funds. Up to 15 per cent of the issue shall be available for allocation to non-institutional bidders and up to 35 per cent of the issue shall be available for allocation on a proportionate basis to retail investors.

The book running lead manager to the issue is Edelweiss Capital Ltd.

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Orbit Corp IPO opens on March 20